All Forum Posts by: Anthony McEvoy

Hello @Boyd A. - Welcome to the real estate investment world!  Utilities may not be a recurring expense.  Most of my properties, the tenant pays all of the utilities.  Another thing to consider is a landscaping/mowing.  Some of my properties the tenant takes care of the landscaping/mowing and the others I take care of it.

Also, check with the local municipality to make sure there are no fees or additional taxes to pay.  In two towns that I have properties, they have rental registration fees every year.  In another town, they have a stormwater tax to help pay for the aging stormwater infrastructure.

Hello @Sam Bhattacharya - honestly, they're in many markets.  However, in today's environment, most are going to be found off market via methods such as mailers and networking.  Check foreclosure listings and sheriff sales, too.

Another way is to look for listings that aren't as obvious as a house in bad condition you can add value to.  Such as a two bedroom house that can easily be converted into a three bedroom.  Perhaps an unfinished basement that could be finished for another bedroom and bathroom.

I viewed a house over the summer that was two bedrooms because someone knocked down a wall in the third bedroom for a larger family room.  I recognized the opportunity because the square footage of the house seemed large for only two bedrooms for the area.

Best of luck!

You simply state they do not meet the minimum rental requirements.

I have bluntly told that to candidates.  Its easiest with rent.

Do the candidates know what your requirements are?  If you put an actual number for the credit score and income, then it will be more obvious they do not qualify.  Always use numbers when you can.  Also, state all information will be verified.  Don't get me wrong, no matter what you put on the form, there will always be someone that tries to go through the process.

Hello @Darsh Patel - Did you try the agent finder on this site?

Hello @Gisa Bauschke - The contractor should call his insurance provider and ask what coverage he has with his liability.  Typically, an insurance broker can get you lined up with Workers Comp.  Workers Comp is not necessary if you do not have employees.  The owner is not going to go after themself if they get hurt.

Hello @Taylor Bennett - Unfortunately, it depends!  If the units are that need to be rehabbed can be done without disturbing the other units, then I would rent them out and start to get cash flow.  At least have them on the market if it takes a little bit to get them occupied.  Some of the things to consider are if the utilities are not separated or if parking will be an issue between the tenants and the contractors.

Another thought to consider... what if a future tenant does not take care of a unit and you need to do some significant work then?

Would you wait until all renovations are completed and try to match highest rents?  You do not have to sign a 12 month lease from the start.  All of my leases end in July/August no matter when the first month of occupancy is.

 As others have mentioned, you have to have a human involved at some point.  Whether you have a friend/family member, property manager, cleaner, or someone else, I would arrange with them to receive your shipments.

@Jacob Mistric - Who does the actual restocking for you?

@Rick Tabarez - determine exactly what you want...  the geographical location, ideal size (number of units, bed/bath per unit, etc.), who is going to manage it (you or a property management company), quality of property (turnkey or fixer upper), etc.  Then start looking for opportunities based on what you want and in parallel determine how you are going to finance it if you do not have cash to buy it outright.

Best of luck!

Hello @Raquel Gonzalez - Does the property manager get a kickback and/or are they using larger companies?  I would ask them about the costs and let them know you have comparable pricing.  I have done the same with my property manager and I just ask for further explanation.  Usually that is enough to make them aware you are watching.

What happens if you break the agreement?  Sometimes the expense to break an agreement is minimal because they are looking to get the setup fee reimbursed.